NEOS Investment Management LLC Purchases 9,474 Shares of SBA Communications Corporation $SBAC

NEOS Investment Management LLC boosted its holdings in shares of SBA Communications Corporation (NASDAQ:SBAC) by 69.5% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,103 shares of the technology company’s stock after buying an additional 9,474 shares during the period. NEOS Investment Management LLC’s holdings in SBA Communications were worth $4,467,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of SBAC. Glenview Trust Co raised its stake in SBA Communications by 45.5% during the third quarter. Glenview Trust Co now owns 1,534 shares of the technology company’s stock worth $297,000 after acquiring an additional 480 shares in the last quarter. Summitry LLC bought a new stake in shares of SBA Communications in the 3rd quarter worth about $231,000. M&G PLC acquired a new stake in shares of SBA Communications during the 3rd quarter worth about $205,000. Vanguard Group Inc. increased its position in shares of SBA Communications by 2.3% during the 3rd quarter. Vanguard Group Inc. now owns 18,163,536 shares of the technology company’s stock worth $3,511,920,000 after purchasing an additional 403,285 shares in the last quarter. Finally, ABN Amro Investment Solutions bought a new position in SBA Communications during the 3rd quarter valued at about $236,000. Institutional investors own 97.35% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on SBAC shares. Wells Fargo & Company decreased their price objective on shares of SBA Communications from $215.00 to $205.00 and set an “equal weight” rating on the stock in a research note on Tuesday, December 16th. JPMorgan Chase & Co. reduced their target price on SBA Communications from $245.00 to $240.00 and set a “neutral” rating on the stock in a report on Monday, January 12th. UBS Group decreased their price target on SBA Communications from $275.00 to $260.00 and set a “buy” rating on the stock in a research report on Tuesday, January 20th. Scotiabank cut their price objective on SBA Communications from $252.00 to $233.00 and set a “sector perform” rating for the company in a research report on Wednesday, January 14th. Finally, BMO Capital Markets reduced their price objective on SBA Communications from $215.00 to $210.00 and set a “market perform” rating on the stock in a research note on Tuesday, November 4th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $235.18.

SBA Communications Price Performance

Shares of SBA Communications stock opened at $197.46 on Thursday. The firm has a 50 day simple moving average of $189.65 and a 200 day simple moving average of $196.24. SBA Communications Corporation has a fifty-two week low of $177.49 and a fifty-two week high of $245.16. The firm has a market cap of $21.04 billion, a P/E ratio of 25.74, a P/E/G ratio of 1.93 and a beta of 0.87.

SBA Communications Profile

SBA Communications Corporation (NASDAQ: SBAC) is a real estate investment trust that owns, operates and develops wireless communications infrastructure. Its core business is the leasing of space on communications towers, rooftop sites and other wireless structures to mobile network operators, broadband providers and other wireless service customers. The company also provides site development, construction and ongoing site management services to support the deployment and operation of wireless networks.

In addition to traditional macro towers, SBA offers a range of infrastructure solutions designed for dense urban and suburban markets, including small cells, distributed antenna systems (DAS) and fiber backhaul and transport services.